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Pensions flexibility
Legislation in Finance Bill 2014 will ensure that people do not lose their right to a tax-free lump sum if they would rather use the new flexibility, announced in the 2014 Budget, instead of buying a lifetime annuity. HMRC guidance provides information about whether the unravelling of actions will give rise to a tax charge and how the tax rules will apply.
Pensions flexibility
Legislation in Finance Bill 2014 will ensure that people do not lose their right to a tax-free lump sum if they would rather use the new flexibility, announced in the 2014 Budget, instead of buying a lifetime annuity. HMRC guidance provides information about whether the unravelling of actions will give rise to a tax charge and how the tax rules will apply.
Lifetime allowance
Members of registered pension schemes can protect pension savings built up before 6 April 2014 from the lifetime allowance charge, subject to a maximum of £1.5m. Individual protection operates from 6 April 2014 but taxpayers have to wait until August 2014 to apply for it.
Lorry drivers
Following discussions with the Road Haulage Association, the lorry drivers’ overnight subsistence allowance rate remains unchanged. The amounts are £26.20 for drivers with sleeper cabs and £34.90 for drivers with non-sleeper cabs.
Sick pay
The percentage threshold scheme (PTS) ended on 5 April. From that point, employers have until the end of the 2015/16 tax year to recover statutory sick pay paid before the end of the 2013/14.
Gift aid
HMRC have amended the instructions on how to complete the gift aid schedule spreadsheet with details of donations received from a sponsored event.
